Question

Calculate the missing figure from the table given below:
S Total Incomes Expenses
No. Assets Received Paid
Other
Liabilities
(3)
32,000
Owner's Equity (Capital+ Profit)
Owner's Capital Profit/ (Loss)
Equity (3) (3)
()
?
80,000
?
?
65,000 3,900
?
37,600
41,200
2. 87,400
?
27,600
18,500​

Answer 1

Answer:

Assets = Rs. 1,80,000; Net worth or Owner's Equity = ?; Outside Liability = Rs. 50,000

The accounting equation is:

Assets = Outside Liability + Owner's Equity or Net Worth

Rs. 1,80,000 = Rs. 50,000 + Owner's Equity or Net Worth

Owner's Equity or Net Worth = Rs. 1,80,000 - Rs. 50,000

Owner's Equity or Net Worth = Rs. 1,30,000